Outward foreign direct investment from the country, which was on a slippery road in the past two fiscals, has seen some signs of recovery this fiscal with the total deal value touching $29.34 billion so far, says a report.

"The period between FY07 and FY11 has been buoyant at times for outward FDI, but there has been a slowdown since then. Investments declined in FY12 and FY13, but there has been a recovery in FY14 so far," Care Ratings said in a report.

Total FDI investments made by domestic companies in April-January of FY14 stood at $29.34 billion, the report said.

The declining trend in outward FDI started from FY11, when it stood at $19.25 billion. It fell to $11.18 billion in FY12, and to $7.13 billion in FY13.

The rating agency said after moderate FDI between FY03 and FY04, investments started gradually increasing because of relaxations in the overseas investment policy in 2004.

Outward investments by domestic companies picked up significantly in FY07 and peaked in FY09 with investment at $19.45 billion abroad, it said.

FDI is divided into three categories equity, loans and guarantee-issued. Most of the investments are made in the form of guarantee-issued, followed by equity and, lastly, loans.

Out of the total investments made in the April-January period of FY14, $19.12 billion were guarantee issued, which accounted for 65.1%, Care said.

During the period, investment in equity and loans stood at $7.1 billion and $3.21 billion with a share of 23.9% and 11%, respectively.

On a sectoral basis, the highest investment of $8.91 billion was in the transport, storage and communication services space while $7.56 billion were invested in manufacturing-related activities, the report said.

Activities such as wholesale, retail trade, restaurant and hotels have attracted $2.91 billion from domestic companies in FY14 so far.

Significantly, only $32 million were invested in electricity, gas and water and miscellaneous activities.

Geographically, the Netherlands and Singapore were the favourite destinations of domestic companies, with a share of 28.85 and 15.2% in total investments, respectively.

This was followed by the British Virgin Islands andMauritius with 10.3% and 7%, respectively, with the value $3.69 billion and $3.13 billion, respectively.